ItBit, a crypto token buying and selling platform, has won approval from the New York State Division of Monetary Services and products (NYDFS) to provide buying and selling and custody products and services for Ethereum (ETH), Litecoin (LTC), Stellar Lumens (XLM) and Bitcoin Money (BCH). ItBit will get started with providing custody, escrow and over the counter buying and selling products and services for those new belongings, with platform alternate buying and selling to observe.
The 4 cryptocurrencies sign up for Bitcoin which ItBit has been providing since inception. The corporate now gives 5 of the 10 biggest crypto belongings, representing two-thirds of the full crypto asset market. “We plan to proceed so as to add extra belongings within the close to time period,” ItBit’s CEO Chad Cascarilla instructed CoinJournal.
ItBit can be including further merchandise and capability within the close to time period.
“We’ve a complete product roadmap with probably the most close to time period priorities round collateral products and services, upgraded buying and selling engine and order sorts to further crypto belongings,” Cascarilla added.
In a remark, Cascarilla stated that the approval from the NYDFS was once “crucial milestone for ItBit as we create a broader platform for crypto asset traders.”
“We’re dedicated to the expansion and evolution of this ecosystem and NYDFS approval permits us to provide extra buying and selling and custody products and services throughout a much wider vary of crypto belongings,” he stated. “Regulatory oversight and safety have all the time been at the vanguard of creating our platform. We’re overjoyed so to be offering those new products and services to our consumers.”
Andrew Chang, COO of ItBit, stated the approval will permit the corporate to convey those standard crypto tokens to the wider target audience.
“Via gaining this regulatory approval, we at the moment are in a position to open the doorways for people and establishments to get right of entry to crypto belongings past simply Bitcoin,” Chang stated. “This can be a crucial second that may permit larger participation in those belongings in a regulated and secure method.”
Based in 2012, ItBit was once the primary accept as true with corporate to obtain approval from the NYDFS to provide buying and selling and custody products and services for crypto belongings. It claims to be the second one biggest US-based Bitcoin buying and selling platform by way of quantity. ItBit has workplaces in New York and Singapore and is sponsored by way of RRE Ventures, Canaan Companions, Liberty Town Ventures and angel traders together with Jay W. Jordan II and James Pallotta.